Dar’s magic formula unleashes one by one- Petrol price down by Rs 10 per liter.
This is how this enforced and unliked goverbnment wants to increase its loot revenue. The government on Thursday announced to set the new price of petrol at Rs 214.80 per liter with a reduction of Rs 10 rupees in the price of petrol.
While announcing reduction in the prices of petroleum products, Federal Finance Minister Ishaq Dar said that the new price of high speed diesel is Rs 227.80 with a reduction of Rs 7.50 per liter, and the new price of kerosene oil is Rs 171.83 with a reduction of Rs 10 per liter. The minister announced the price of light diesel has been fixed at Rs169 rupees with a reduction of Rs28.28 rupees per liter. He said that the application of these prices in petroleum will be from midnight of December 15 to December 31, 2022.
In a televised address, he said, “At this moment, the prime minister wants us to pass maximum relief to the public and we have been implementing that since Oct 30.”
The government had previously kept the prices of all petroleum products unchanged on Oct 15, Oct 30, and Nov 15. Earlier on Nov 30, the price of kerosene oil was slashed by Rs10 while the price of light diesel oil was reduced by Rs7.5 per litre.
The finance czar mentioned that since the start of the ongoing quarter (October- December) of the fiscal year 2022-23, the prices have cumulatively declined by: Rs22.63 per litre in petrol price; Rs19.63 per litre in the price of high-speed diesel; Rs28.28 per litre in the price of light diesel oil; Rs30.19 per litre in the price of kerosene oil.
The decline comes amid a drop in international oil prices. As of December 15, Brent crude futures were down 33 cents or 0.4% at $82.37 a barrel by 1453 GMT and US crude futures lost 43 cents or 0.6% to $76.85.
Earlier, reports had said the government was likely to slash petroleum prices by up to Rs15 per litre for second fortnight of December in the wake of fluctuation in the international market. Media reports had said the Oil and Gas Regulator Authority (Ogra) had prepared a working paper about the new petroleum prices and sent the summary to the Ministry of Finance.
Reports said earlier that petrol was currently being purchased at $76 to $77 per barrel. Levy charges on petrol are Rs50 per litre, while sales tax on all petroleum products remains zero. Reports said that the profit margin of oil marketing companies might also be increased from December 16 on petrol and diesel. They said that Rs2 might be increased on petrol and Rs1 on diesel.
Earlier this week, after a Pakistani delegation visited Moscow, reports said that Russia has confirmed the crude oil availability of 100,000 barrels per day to Pakistan, and that a delegation from Moscow would visit Islamabad in January to set the terms of a deal, including rates and mode of payment.
Minister of State for Petroleum Musadik Malik, who led the Pakistan delegation, told a news conference that Russia had confirmed the supply of petroleum products at a “discounted rate”. However, the state minister did not give any indication of the price.
